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Decorative Lighting Market Challenges, Incredible Growth, Share, Rising Demand, Top Players And Competitive Landscape || Acuity Brands Lighting Inc., Bridgelux Inc., General Electric Co., Honeywell International Inc
Decorative Lighting Market
Decorative Lighting Market Size, Growth Rate, And Forecast
The global decorative lighting market size grew from $37.92 billion in 2022 to $39.91 billion in 2023 at a compound annual growth rate (CAGR) of 5.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The decorative lighting market size is expected to grow to $48.43 billion in 2027 at a CAGR of 5.0%.
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Decorative Lighting Market Drivers
The growing remodeling and renovation activities are expected to propel the growth of the decorative lighting market. The remodeling and renovation refer to the changing in the structure of the layout and restoring something to a good condition. The COVID-19 pandemic saw an increase in remodeling of enclosed spaces like bedrooms and kitchens, caused by consumers working from home and social distancing. Decorative lighting plays a key role in modern renovation activities, it helps with bringing interest to a particular object or an area in a room. Different shades and colors of fixtures and fittings enhance and vary the perception of size and space available.
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Decorative Lighting Market Segments
• By Product: Ceiling, Wall-Mounted, Other Products
• By Light Source: Light Emitting Diode (LED), Fluroscent, Incandescent, Other Light Sources
• By Distribution Channel: Offline, Online
• By End Use: Commercial, Household
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the decorative lighting market.
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Decorative Lighting Market Key Players
Major competitors in the decorative lighting market are Acuity Brands Lighting Inc., Bridgelux Inc., General Electric Co., Honeywell International Inc., OSRAM Light AG, Signify NV, AB Fagerhult.
The Business Research Company's "Global Decorative Lighting Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.
The Table Of Content For The Decorative Lighting Market Include:
1. Executive Summary
2. Decorative Lighting Market Characteristics
3. Decorative Lighting Market Trends And Strategies
4. Decorative Lighting Market - Macro Economic Scenario
5. Decorative Lighting Market Size And Growth
………………
27. Decorative Lighting Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Decorative Lighting Market
29. Decorative Lighting Market Future Outlook and Potential Analysis
30. Appendix
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